Big Blue Botches Stock Index Rally
A warning by IBM that revenue growth will slow in the next two quarters due the year 2000 calendar change spooked the equity market and has sent stock index futures sharply lower this morning, undoing yesterday’s strong rally.
T-bond futures are seeing some safety buying and dollar index futures, from the Pullback Off Lows List,
are falling as dollars flow out of equities.
British pounds , from the Momentum-5 List, are up sharply.
Coffee is grinding lower as rain in Brazil is enhancing the prospect for a good harvest and gold is trading at a two-week low.
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures•December T-bonds [USZ9>USZ9]: +9/32 to 111 14/32
• December S&Ps [SPZ9>SPZ9]: -11.30 to 1281.20
• December Dow futures [DJZ9>DJZ9]: -142 to 10,275
• December NASDAQ 100 futures [NDZ9>NDZ9]: -28 to 2443.00
Currencies
•December dollar index futures [DXZ9>DXZ9]: -.57 to 97.38
•December Japanese yen futures [JYZ9>JYZ9]: +.0041 to .9507
•December Swiss francs [SFZ9>SFZ9]: +.0044 to .6830
•December British pounds [BPZ9>BPZ9]: +.0132 to 1.6766
Energies•December crude [CLZ9>CLZ9]: +.30 to 22.78
•December unleaded gas [HUZ9>HUZ9]: +.0084 to .6410
•December heating oil [HOZ9>HOZ9]: +.0070 to .5995
Metals•December gold [GCZ9>GCZ9]: -4.8 to 302.5
•December silver [SIZ9>SIZ9]: -1.5 to 519.0
Grains•November soybeans [SX9>SX9]: -6 1/4 to 481 3/4
•December soybean oil [BOZ9>BOZ9]: -.24 to 16.13
Meats•February pork bellies [PBG0>PBG0]: -.350 to 66.000
Softs and Fibers•December coffee [KCZ9>KCZ9]: -4.40 to 91.00